Varonis Systems (NASDAQ:VRNS) Announces Earnings Results

Varonis Systems (NASDAQ:VRNS) announced its quarterly earnings results on Monday. The technology company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07, Briefing.com reports. Varonis Systems had a negative net margin of 16.97% and a negative return on equity of 18.28%. The business had revenue of $130.35 million for the quarter, compared to analysts’ expectations of $124.83 million. During the same quarter in the previous year, the company earned ($0.35) EPS. The business’s quarterly revenue was up 12.9% compared to the same quarter last year.

Varonis Systems Stock Down 3.6 %

Shares of NASDAQ VRNS traded down $2.00 during midday trading on Thursday, reaching $53.13. 831,585 shares of the company’s stock traded hands, compared to its average volume of 1,291,199. The company has a market cap of $5.92 billion, a price-to-earnings ratio of -58.65 and a beta of 0.83. The stock’s 50 day simple moving average is $45.91 and its 200-day simple moving average is $46.46. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.55. Varonis Systems has a one year low of $29.10 and a one year high of $57.00.

Insiders Place Their Bets

In other news, CEO Yakov Faitelson sold 284,211 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $45.23, for a total value of $12,854,863.53. Following the completion of the transaction, the chief executive officer now directly owns 1,452,922 shares of the company’s stock, valued at approximately $65,715,662.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Susquehanna raised their price target on Varonis Systems from $55.00 to $65.00 and gave the company a “positive” rating in a report on Tuesday. Royal Bank of Canada upped their target price on shares of Varonis Systems from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday. Wedbush boosted their price objective on Varonis Systems from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler raised their price objective on Varonis Systems from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Baird R W upgraded Varonis Systems from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Varonis Systems presently has an average rating of “Moderate Buy” and an average target price of $55.00.

About Varonis Systems

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential personal data belonging to customers, and patients and employees' data; financial records; source code, strategic and product plans; and other intellectual property.